BUHARI UNVEILS NEW NAIRA NOTES ON WEDNESDAY

If nothing unexpected changes, the fresh notes would be unveiled before to the weekly cabinet meeting at the State House in Abuja.

On Wednesday, President Muhammadu Buhari is scheduled to formally introduce the new naira notes, unless he decides to change his mind later that day.

On October 26, the Central Bank of Nigeria revealed its intention to redesign all significant naira notes. It specified that the new notes would begin to circulate on December 15, 2022.

According to information gathered, the new notes would be unveiled before to the weekly cabinet meeting at the State House in Abuja.

In order to regulate inflation, have control over the amount of currency in circulation, and combat counterfeiting, the central bank announced that it will redesign naira notes.

"These challenges primarily include: Significant hoarding of banknotes by members of the public, with statistics showing that over 85 percent of currency in circulation are outside the vaults of commercial banks, CBN governor Godwin Emefiele had said.

"To be more specific, as at the end of September 2022, available data at the CBN indicate that N2.73 Trillion out of the N3.23 trillion currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public.

In response to worries about Nigerians in rural areas, particularly given the short deadline for submitting the old note, the bank said it has made provisions for simple exchange.

The bank claimed that in order to ensure that vulnerable citizens are not disadvantaged, it is collaborating with the appropriate financial system agencies during implementation.